IG Group sees US mutual fund manager Mass Financial pick up 10% stake


British spread betting, CFD and spot FX provider IG Group PLC (IGG:L) is the latest publicly listed retail electronic trading company to be subject to a significant percentage of its stock having been purchased by a financial institution.

North American fund management firm Mass Financial (MFS) has acquired a 10% stake in the firm, the transaction having taken place on July 2 and publicized via a report issued by the London Stock Exchange.

The purchase provides MFS with 35,995,265 shares in IG Group, a firm whose US business activity includes one of two binary options exchanges, Chicago-based North American Derivatives Exchange (NADEX), which rose to prominence under the leadership of industry expert Yossi Beinart last year, before his election as CEO of Tel Aviv Stock Exchange whilst simultaneously retaining an executive position at NADEX as Chairman.

IG Group’s share price dropped 0.25% to 588.50 at close of business on Friday, having opened at 591.50.

 

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IG Group sees US mutual fund manager Mass Financial pick up 10% stake

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